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HSBC
2026-08-20 08:32:50

HSBC says Starlink and Starship are already feeding space-economy gains back into industries on Earth

HSBC said in an Aug. 18 cross-sector report that the most urgent value of the space economy is not asteroid mining or Mars colonization, but the way it is already reshaping industries on Earth. The report, led by HSBC Global Equity Research Co-Head Raj Sinha, spans 12 sectors including telecoms, semiconductors, power, industrials, agriculture, insurance and finance. According to the report, SpaceX’s satellite internet business had 10,200 satellites in orbit and 12 million broadband users as of June 30, 2026, covering 167 markets. Another 7.4 million monthly active devices used Direct to Cell service across 30 countries. HSBC argues that satellite connectivity has moved beyond a backup option for remote areas and is becoming default infrastructure in shipping, aviation and trucking. The bank also sees Starlink’s relationship with terrestrial telecom operators as largely complementary, pointing to deals with T-Mobile, KDDI and Airtel Africa. HSBC also highlighted launch economics. Falcon 9 low-earth-orbit launch costs were cited at $2,940 per kilogram, Falcon Heavy at $1,520, while Starship is targeting $100 to $300 per kilogram. The bank said those cost declines are forcing a rethink of satellite manufacturing, orbital data centers and asteroid-mining models. In HSBC’s view, power, semiconductors and robotics are the three sectors seeing the clearest and most immediate impact.

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HSBC says Starlink and Starship are already feeding space-economy gains back into industries on Earth
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